How Much Do You Spend on Graduation Gifts? [POLL]

Seeing how the spring semester recently wrapped up for a lot of college students and with high school graduation coming up soon, the graduation invitations are in the mail and going out. With their arrival, a couple of questions came to my mind:

When you get the invitation, do you feel obligated to attend the graduation? If you send a gift to the graduate, how much is too much to spend?